Friday, January 23, 2009

Endowment Policy (Table.14)

This Plan is introduced since 15.12.1956. It is a  with Profits Plan. And, it is  a popular plan that fulfilling long / short term financial needs.  We can have the features of this plan as follows:

General Policy Conditions: 

Age

Min. age at entry                       :           12 Years

Max. age at entry                      :           65 Years

Max. maturity age                     :           75 Years

Term

Minimum Term             :           5 Years

Maximum Term                        :           55 Years


Sum Assured

Min.Sum Assured                     :           Rs.50,000

Max.Sum Assured                    :           No Limit

S.A in multiples             :           Rs.5,000

Modes Allowed                        :           Monthly, Quarterly, Half-Yearly, Yearly and Salary

                                                            Savings Scheme (SSS)

 

Accident Benefit

Accident Benefit Extra   :           Re.1 Per 1000 S.A

 

Underwriting Requirements

Female lives category                :           I/II/III

Age Proof                                :           Standard/Non Standard Age Proof-1/2/3

Form Number                          :           300 / 340

 

Date Back:

Allowed in this Plan by paying a fee of 8%

 

Medical:

Non-Medical General               :           Allowed

Non-Medical Professional        :           Allowed

Non-Medical Special                :           Allowed

 

Death Benefit:

Basic sum assured plus accrued Bonus, final additional bonus, if any will be paid by LIC if the life assured become death . Such a death happened because of an accident, an equal sum assured will be paid by LIC.

 

 

 

Loan Facility:

This plan have a facility of loan @ 9% per annum. Normally, the interest is calculated six months once.

 

Assignment:

Any one under this plan can assign his policy rights to any one for the purpose of getting loan from banks/financial institutions under a limited conditions. Further, One can assign his policy rights to his blood related person because of his love and affection. So, this plan can be used as a will.

 

Revival:

After a lapsed premium payment, one can revive his policy by paying the premium arrears. The revival can be done by using Special Revival Schemes also.

 

Other Features:

Surrender of Policy                   :           Yes. But, after 3 Policy Years

Survival Benefits                       :           Nil

Term Rider Option                   :           Yes

Critical Illness Rider                  :           Yes

Key-Man Insurance                  :           No

 

Bonus:

LIC declares bonuses to with profits plans every year. Every policyholder under this plan is eligible for Bonus. Additionally, LIC gives one more bonus, ie. Final additional bonus. But, it is restricted only for the policies in which the premiums to be paid for 15 years or more.

 

Premium Payment:

One can remit his premium at any branch office of LIC, any where in India. Otherwise, one can remit his premium through banking channels / online. Now, recently, LIC authorize its club member agents to act as a premium collection points. So, a policyholder need not to go branch office. They can remit the premium with any authorized premium point, same time, they can get the receipts also. 

Saturday, January 10, 2009

LIC- Loyal, Ideal, Contribution.

LIC is abbrievated as Life Insurance Corporation of India. About the rural areas of India, it is otherwise called as the name of Insurance. Even there are a number of Insurers in India doing life & general Insurance, LIC plays its important role in the economical & financial positions of every Indians. The need of life insurance is differ among all the people of the society. LIC has many type of plans that will suit every one depend their income status. The plans in LIC have been classified as:
  • Children Plans
  • Plans for Handicapped Dependents
  • Endowment Assurance Plans
  • Plans for high worth individuals
  • Money Back Plans
  • Whole Life Plans
  • Term Assurance Plans
  • Joint Life Plans
  • Pension Plans
  • Unit Plans
  • Special Plans

Sunday, November 2, 2008

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Friday, August 8, 2008

Insurance - Definitions

The definitions of Insurance can be broadly classified under two categories viz.,
a) Functional definition
b) Contractual definition

Functional Definition
From the functional point of view, the concept of insurance is defined by a number of authors. To mention a few,
1) The collective bearing of risk is insurance - William Beveridge

Insurance

Insurance
Evolution of Insurance
Introduction
Risks in day - to - day life is found around the world. Risks cannot be eliminated altogether. But, it can be minimised. Human life is full of risks. The routine life styles of the human kind meet risks every minute. There is a risk when a man walks on the road, travels in a bus or train or an aeroplane and when he is engaged in trade, profession or business also, there is a risk when property is destroyed by fire, flood, earth quake, etc. Thus the involvement of risk is unavoidable. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Insurance - a subject matter of solicitation
Insurance is a method by which we can spread over the risk. It is a way of reducing uncertainity of occurence of an event. Insurance is entirely a method of co-opearative endeavour of occurence of an event where in the loss caused by a particular risk is spread over larger section of persons.